Registration document 2011 - tota - Total.com

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2 Business 38 overview Downstream 3.1. Refining & Marketing TOTAL’s worldwide refining capacity was 2,088 kb/d at year end 2011, compared to 2,363 kb/d in 2010 and 2,594 kb/d in 2009. The Group’s worldwide refined products sales (including trading operations) in 2011 were 3,639 kb/d, compared to 3,776 kb/d in 2010 and 3,616 kb/d in 2009. TOTAL is among the largest refiners/marketers in Western Europe (1) , and the leading marketer in Africa (2) . Directly or via its holdings, TOTAL has a worldwide retail network of 14,819 service stations at year end 2011, compared to 17,490 in 2010 and 16,299 in 2009. Through its retail network, TOTAL provides fuels to more than 3 million customers every day. In addition, TOTAL produces a broad range of specialty products, such as lubricants, liquefied petroleum gas (LPG), jet fuel, special fluids, bitumen, heavy fuel, marine fuel and petrochemical feedstock. The Group continues to adapt its business and improve positions in a context of growing demand worldwide, mainly in non-OECD countries, by focusing on three areas: – adapting to mature markets in Europe; – developing its positions in growth markets (Africa, Asia and the Middle East); and – developing specialty products worldwide. In July 2011, TOTAL closed the sale to IPIC of its 48.83% stake in CEPSA as part of a public takeover bid on the entire share capital of CEPSA. With respect to Refining & Marketing operations, this sale concerns mainly four Spanish refineries (Huelva, Algeciras, Tenerife, Tarragona) and some marketing activities in Spain and Portugal. In October 2011, TOTAL sold its network of service stations and its fuel and heating oil marketing business in the United Kingdom, the Channel Islands and the Isle of Man. 3.1.1. Refining TOTAL has equity stakes in twenty refineries (including ten that it operates), located in Europe, the United States, the French West Indies, Africa and China. In 2011, TOTAL continued its program of selective investments in Refining, which is focused on three areas: pursuing major ongoing projects (deep conversion at the Port Arthur refinery and construction of the Jubail refinery), adapting the European refining system to structural market changes, and increasing safety and energy efficiency. In Western Europe, TOTAL’s refining capacity was 1,792 kb/d in 2011, compared to 2,049 kb/d in 2010 and 2,282 kb/d in 2009, accounting for 85% of the Group’s overall refining capacity. The decrease in 2011 was due to the sale of the Group’s stake in CEPSA. The Group operates nine refineries in Western Europe and owns stakes in the Schwedt refinery in Germany and two refineries in Italy through its interest in TotalErg. − In France, where it owns five refineries, the Group continues to adapt its refining capacities and shift the production emphasis to diesel, in a context of structural decline in petroleum products demand in Europe and an increase in gasoline surpluses. (1) Based on publicly available information, refining capacities and quantities sold. (2) PFC Energy, based on quantities sold. TOTAL. Registration Document 2011 Since autumn 2010, TOTAL has been implementing its project to repurpose the Flanders site. The shutdown of the refining business will lead to gradually dismantling the units. The Group has commenced repurposing the site through the creation of a technical support center, a refining training school, an oil depot and business offices. In addition, the industrial plan started in 2009 to adapt the Group’s refining base in France is ongoing. This plan is intended to reconfigure the Normandy refinery and rescale certain corporate departments at the Paris headquarters. At the Normandy refinery, the project is intended to upgrade the refinery and shift the production emphasis to diesel. For this purpose, the investments will result in the eventual reduction of the annual distillation capacity to 12 Mt from 16 Mt, upsizing the distillate hydrocracker and improving energy efficiency by lowering carbon dioxide emissions. The new structure is expected to become operational at the end of 2013. In summer 2010, the Group divested its minority interest (40%) in the Société de la Raffinerie de Dunkerque (SRD), a company that specializes in bitumen and base oil production. − In the United Kingdom, the hydrodesulphurization (HDS) unit at the Lindsey refinery was commissioned in February 2011. The unit makes it possible to process up to 70% of high-sulphur crudes, compared to 10% previously, and increase low-sulphur diesel production. In 2010, the Group announced that it would offer for sale its Lindsey refinery in the United Kingdom. Due to the difficult market conditions and the lack of sufficiently attractive and competitive offers, the Group decided in early 2012 to maintain the refinery within its refining network. − In Germany, an additional HDS unit designed to supply the German market with low-sulphur heating oil started up in autumn 2009 at the Leuna refinery. − In Italy, TotalErg (TOTAL, 49%) has operated the Rome refinery (100%) since October 2010 and holds a 25.9% stake in the Trecate refinery. In the United States, TOTAL operates the Port Arthur refinery in Texas, with a capacity of 174 kb/d. In 2008, TOTAL launched an upgrading program that included the construction of a desulphurization unit commissioned in July 2010 and a vacuum distillation unit, a deep-conversion unit (or coker) and other associated units, which were successfully commissioned in April 2011. This project enables the refinery to process more heavy and high-sulphur crudes and to increase production of lighter products, in particular low-sulphur distillates. In Saudi Arabia, TOTAL and Saudi Arabian Oil Company (Saudi Aramco) created a joint venture in 2008, Saudi Aramco Total Refining and Petrochemical Company (SATORP), to build a 400 kb/d refinery in Jubail held by Saudi Aramco (62.5%) and TOTAL (37.5%). TOTAL and Saudi Aramco each plan to retain a 37.5% interest with the remaining 25% expected to be listed on the Saudi stock exchange. The main contracts for the construction of the refinery were signed in mid-2009, concurrent with the start-up of work. Commissioning is expected in 2013.
The heavy conversion process of this refinery is designed for processing heavier crudes produced nearby and selling fuels and lighter products that meet strict specifications and are mainly intended for export. The refinery will also be integrated with petrochemical units. In Africa, the Group has minority stakes in five refineries in South Africa, Senegal, Côte d’Ivoire, Cameroon and Gabon. 3.1.1.1. Crude oil refining capacity The table below sets forth TOTAL’s daily crude oil refining capacity (a) : As of December 31, (kb/d) 2011 2010 2009 Refineries operated by the Group Normandy (France) 199 199 338 Provence (France) 158 158 158 Flanders (France) - - 137 Donges (France) 230 230 230 Feyzin (France) 117 117 117 Grandpuits (France) 101 101 101 Antwerp (Belgium) 350 350 350 Leuna (Germany) 230 230 230 Rome (Italy) (b) - - 64 Lindsey - Immingham (United Kingdom) 221 221 221 Vlissingen (Netherlands) (c) 82 81 81 Port Arthur, Texas (United States) 174 174 174 Subtotal 1,862 1,861 2,201 Other refineries in which the Group has equity stakes (d) 226 502 393 Total 2,088 2,363 2,594 (a) For refineries not 100% owned by TOTAL, the capacity shown is TOTAL’s equity share of the site’s overall refining capacity. (b) TOTAL’s stake was 71.9% until September 30, 2010. (c) TOTAL’s stake is 55%. (d) TOTAL has equity stakes ranging from 12% to 50% in ten refineries (five in Africa, two in Italy, one in Germany, one in Martinique and one in China). TOTAL divested its stake in the Indeni refinery in Zambia in 2009. Since October 2010, the amounts include the Group’s share in the Rome and Trecate refineries through its stake in TotalErg. TOTAL divested its stake in CEPSA (four refineries) in 2011. 3.1.1.2. Refined products The table below sets forth by product category TOTAL’s net share of refined quantities produced at the Group’s refineries (a) : (kb/d) 2011 2010 2009 Gasoline 350 345 407 Aviation fuel (b) 158 168 186 Diesel and heating oils 804 775 851 Heavy fuels 179 233 245 Other products 335 359 399 Total 1,826 1,880 2,088 (a) For refineries not 100% owned by TOTAL, the production shown is TOTAL’s equity share of the site’s overall production. (b) Avgas, jet fuel and kerosene. Business overview Downstream 2 In the French West Indies, the Group has a 50% stake in the company Société Anonyme de la Raffinerie des Antilles (SARA), which owns a refinery in Martinique. In China, TOTAL has a 22.4% stake in the WEPEC refinery, located in Dalian, in partnership with Sinochem and PetroChina. Registration Document 2011. TOTAL 39
Page 1 and 2: Registration Document 2011
Page 3 and 4: Registration Document 2011 This tra
Page 5 and 6: Key figures 1. Operating and market
Page 7 and 8: Sales Adjusted net income (Group sh
Page 9 and 10: Shareholder base Estimates as of No
Page 11 and 12: Business overview Business overview
Page 13 and 14: 2. Upstream TOTAL’s Upstream segm
Page 15 and 16: As of December 31, 2009, TOTAL’s
Page 17 and 18: 2.3. Presentation of production act
Page 19 and 20: Indonesia 1968 Myanmar 1992 Thailan
Page 21 and 22: United Kingdom 1962 Middle East U.A
Page 23 and 24: In Kenya, TOTAL acquired in Septemb
Page 25 and 26: In the United States, the Group’s
Page 27 and 28: The next two wells, which were expl
Page 29 and 30: is expected to be transported to Ru
Page 31 and 32: - In addition to Alwyn and the Cent
Page 33 and 34: 2.6. Number of net oil and gas well
Page 35 and 36: Asia Yadana Yadana (Myanmar) Ban-I
Page 37 and 38: 2.9.3. Marketing To unlock value fr
Page 39 and 40: As of January 2012, TOTAL owns 66%
Page 41: 3. Downstream The Downstream segmen
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Page 47 and 48: The oil markets had ended 2010 sign
Page 49 and 50: 4.1. Base Chemicals The Base Chemic
Page 51 and 52: 4.1.2. Fertilizers Through its Fren
Page 53 and 54: 5. Investments 5.1. Major investmen
Page 55 and 56: 7. Property, plant and equipment TO
Page 57 and 58: Finance Refining & Marketing Financ
Page 59 and 60: Crude Oil Trading Finance Trading &
Page 61 and 62: Management Report The Management re
Page 63 and 64: - a Refining & Chemicals segment, a
Page 65 and 66: 1.2.4. Investments - divestments In
Page 67 and 68: 1.6. TOTAL S.A. 2011 results Net in
Page 69 and 70: 2.5. Anticipated sources of financi
Page 71 and 72: 3.6. Environment Environmental issu
Page 73 and 74: Risk factors Risk factors 4 1. Fina
Page 75 and 76: Trading & Shipping : value-at-risk
Page 77 and 78: 1.8. Sensitivity analysis on intere
Page 79 and 80: 1.10. Liquidity risk TOTAL S.A. has
Page 81 and 82: Customer receivables are subject to
Page 83 and 84: 2.2. Management and monitoring of i
Page 85 and 86: egions, causing substantial decline
Page 87 and 88: 3.4. Activities in Cuba, Iran, Suda
Page 89 and 90: and service contracts. In 2011, TOT
Page 91 and 92: 4.3. Insurance policy The Group has
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Corporate governance Corporate gove
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Chairman of the Nominating & Govern
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- Permanent representative of Colam
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du Territoire et de l’Action Rég
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- Director of Europalia Internation
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- monitoring the quality of the inf
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6. COMMITTEES OF THE BOARD OF DIREC
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1.5.2. Compensation Committee Rules
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The term of office of the members o
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- examination of ethical issues (co
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1.8. Director independence At its m
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With regard to counterparty risks,
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Variable compensation is determined
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3. General Management 3.1. Manageme
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4.4. Fees received by the statutory
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total gross compensation as Chairma
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Chairman and Chief Executive Office
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The acquisition rate: - is equal to
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5.7.3. Directors’ fees and other
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5.8. TOTAL stock option grants Corp
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If all the outstanding stock option
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Corporate governance 5 Compensation
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The grant of these performance shar
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6. Employees, share ownership 6.1.
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6.3.1. Summary of transactions in t
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TOTAL and its shareholders TOTAL an
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1.2. Share performance TOTAL share
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1.2.7. TOTAL share price over the p
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2.2. Dividend payment BNP Paribas S
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the Board of Directors decided on J
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- delivered to the holders of secur
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4.4. Major shareholders 4.4.1. Chan
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4.6. Shares held by members of the
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However, there are certain exceptio
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6.4. Registered shareholding TOTAL
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Financial information Financial inf
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4. Dividend policy The Company’s
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criminal chamber of the Court of Ap
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In October 2010, the Prosecutor’s
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General information General informa
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delegations of authority granted by
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1.4. Potential share capital as of
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2.3. Provisions of the by-laws gove
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2.6. Shareholders’ meetings 2.6.1
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In 2011, TOTAL’s holdings in Sano
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Consolidated Financial Statements T
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2. Consolidated statement of income
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4. Consolidated balance sheet TOTAL
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6. Consolidated statement of change
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Non-monetary contributions by ventu
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Intangible assets are carried at co
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when market data are not directly a
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- In June 2011, the IASB issued rev
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Since the acquisition date, sales a
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4) Business segment information Fin
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For the year ended December 31, 201
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Adjustments to net income, Group sh
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7) Other income and other expense F
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The net deferred tax variation in t
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11) Property, plant and equipment C
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12) Equity affiliates: investments
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In Group share, the main financial
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15) Inventories As of December 31,
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17) Shareholders’ equity Number o
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As of December 31, 2011, paid-in su
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The experience actuarial (gains) lo
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19) Provisions and other non-curren
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20) Financial debt and related fina
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Bonds after fair value hedge (M€)
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Bonds after cash flow hedge and fix
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C) Net-debt-to-equity ratio For its
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23) Commitments and contingencies A
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guarantees. As of December 31, 2011
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25) Share-based payments A) TOTAL s
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condition. This condition states th
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- varies on a straight-line basis b
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The following table summarizes SunP
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27) Statement of cash flows A) Cash
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As of December 31, 2010 (M€) Asse
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Assets and liabilities from financi
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As of December 31, 2010 (M€) Asse
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D) Fair value hierarchy The fair va
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As of December 31, 2009 Consolidate
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As part of its gas, power and coal
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As a result of this policy, the imp
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The following table sets forth fina
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its assets (as calculated under the
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e paid to those affected by the pol
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33) Other information Research and
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The business segments are identifie
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Supplemental oil and gas informatio
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1.3. Proved undeveloped reserves As
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(in million barrels of oil equivale
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Supplemental oil and gas informatio
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1.4.4. Changes in gas reserves Supp
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1.5. Results of operations for oil
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1.6. Cost incurred The following ta
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The standardized measure of discoun
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1.9. Changes in the standardized me
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2011 Natural gas production availab
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TOTAL S.A. The statutory Financial
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To be eligible for this supplementa
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3. Statutory Financial Statements o
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3.3. Statement of cash flow For the
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4. Notes to the Statutory Financial
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4) Other non-current assets A) Chan
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TOTAL shares held by the Group subs
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11) Translation adjustment The appl
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21) Commitments As of December 31 (
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- is equal to 100% if the average R
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D) TOTAL performance share grant Th
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24) Others Compensation for the adm
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5.2. Five-year financial data Share
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6. Consolidated financial informati
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Corporate social responsibility Cor
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TOTAL also hired 3,321 employees on
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1.5. Equal opportunity From recruit
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2.1. Occupational health and safety
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TOTAL particularly monitors hazardo
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The Group has therefore taken proac
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Social and economic development of
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commitment for TOTAL, adopting a pr
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4.3. TOTAL and new energies Althoug
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The selected sites and subsidiaries
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Assurance Opinion Completeness of d
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Glossary A Acreage Areas in which m
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MTO/OCP MTO (Methanols to Olefins)
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Cross reference lists Registration
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17. Employees 17.1. Number of emplo
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Registration Document concordance t
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PEFC/10-31-2043 This brochure is pr
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Registration document 2011 - tota - Total.com

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